Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.20.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Aug. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Reimbursable Costs
The following table summarizes all reimbursable costs incurred as of August 31, 2020, payments made from the Sky Ranch CAB and any outstanding reimbursable amounts.

   
As of August 31, 2020
 
   
Costs incurred
    
Reimbursement Received
    
Net costs incurred
  
Public Improvements
  
$
26,355,400
    
$
10,505,000
    
$
15,850,400
  
Accrued interest
    
1,176,300
      
—
      
1,176,300
  
Project management services
    
1,464,900
      
—
      
1,464,900
  
Construction support activities
    
674,800
      
—
      
674,800
  
Total reimbursable costs
  
$
29,671,400
    
$
10,505,000
    
$
19,166,400
  
Deferred Revenue and Changes in Deferred Revenue
As of August 31, 2020 and 2019, the Company’s deferred revenues along with the changes in the deferred revenues are as follows:

   
August 31, 2020
   
August 31, 2019
 
Deferred lot sale revenue
  
$
1,635,443
    
$
3,991,535
  
Oil and gas lease and water sales payments
    
1,965,080
      
1,067,348
  
Total deferred revenues
  
$
3,600,523
    
$
5,058,883
  

Changes in deferred revenue were as follows:
   
August 31, 2020
   
August 31, 2019
 
Balance, beginning of period
  
$
5,058,883
    
$
477,161
  
Billings
    
24,643,817
      
24,998,964
  
Revenue recognized
    
(26,102,177
)
    
(20,417,242
)
Balance, end of period
  
$
3,600,523
    
$
5,058,883